If you are receiving Social Security benefits and would like to know when your money will be deposited into your account each month, you’ve come to the right place. We have included below the 2020 Social Security Payment Calendar. For the 2021 calendar, click here.
Over 63 million people, or more than 1 in every 6 U.S. residents, received Social Security benefits. This includes Social Security retirement benefits, Social Security Disability Insurance (SSDI), and survivors’ benefits. The average Social Security retirement benefit is $1,503.
For many seniors, this represents their primary source of income. When Social Security benefits are paid each month can be a major factor in helping seniors keep their finances in order.
In this article, we will detail by month when Social Security payments are deposited each month, including what happens when the due dates fall on a weekend or federal holiday.
This Post will Cover:
- How Social Security Payment Schedule Works
- 2020 Social Security Payment Calendar
- What To Do If You Don’t Receive Your Benefits
- When Should You Take Social Security?
- 2020 Social Security COLA Increase
- 2021 Social Security COLA Increase
- Social Security Payments Questions
How Social Security Payment Schedule Works
When you receive your Social Security benefits (SS and SSDI) depends on your birthday.
- If your birthday falls between the 1st and 10th of the month, you’ll receive SSDI benefits on the 2nd Wednesday of every month.
- If your birthday falls between the 11th and 20th of the month, your benefits will come on the 3rd Wednesday of every month.
- If your birthday falls between the 21st and the last day of the month, your payments will come on the 4th Wednesday of every month.
The day on which you will receive your Social Security benefits depends on your date of birth. Payments are always paid one month behind; therefore, if, for example, you are entitled to benefits starting September 2020, you will not receive your first payment until October 2020.
Supplemental Security Income Payments
For those on Supplemental Security Income, your payment schedule is a bit different. They are usually paid on the first day of the month. However, if that day is a weekend or holiday, then the payment gets moved earlier the business day before.
Holidays and Weekends Payments
Whether you are receiving Social Security benefit, Disability or Supplemental Security Income payment, if the date of your payment for a particular month happens to fall on a weekend or holiday, then you will receive your payment on the last weekday before the holiday or in the case of a weekend, the Friday before.
2020 Social Security Payment Calendar
Here is the full calendar for your convenience.
You can also reference the table below for a complete list of dates for the rest of the year.
| 2020 | SSI | SSDI (Birthdate 1st – 10th) | SSDI (Birthdate 11th- 20th) | SSDI (Birthdate 21st – 31st) | Both SSI/SSDI |
| January | 31-Dec-2019 | 8th | 15th | 22nd | 3 |
| February | 31-Jan-2020 | 12th | 19th | 26th | 3 |
| March | 28-Feb-2020 | 11th | 18th | 25th | 3 |
| April | 1 | 8th | 15th | 22nd | 3 |
| May | 1 | 13th | 20th | 27th | 1 |
| June | 1 | 10th | 17th | 24th | 3 |
| July | 1 | 8th | 15th | 22nd | 3 |
| August | 31-Jul-2020 | 12th | 19th | 26th | 3 |
| September | 1 | 9th | 16th | 23rd | 3 |
| October | 1 | 14th | 21st | 28th | 2 |
| November | 30-Oct-2020 | 10th | 18th | 25th | 3 |
| December | 1 | 9th | 16th | 23rd | 3 |
What To Do If You Don’t Recieve Your Benefits
If you do not receive your payment on your specified day or date, the Social Security Administration asks that you wait three mailing days before contacting them.
You can contact Social Security at 1-800-772-1213.
When Should You Take Social Security?
For most people retiring now, the full retirement age for Social Security purposes is either 66 or 67, depending on the year they were born.
The table below shows the full retirement age based on the year you were born.
| Year of birth | Age |
|---|---|
| 1937 and prior | 65 |
| 1938 | 65 and 2 months |
| 1939 | 65 and 4 months |
| 1940 | 65 and 6 months |
| 1941 | 65 and 8 months |
| 1942 | 65 and 10 months |
| 1943-54 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 and later | 67 |
It is possible to begin taking your Social Security retirement benefits as early as age 62.
However, taking your Social Security benefits early can reduce your payments by up to 30% as shown below:
Collecting Social Security early will cost you
As stated above, collecting Social Security before your full retirement age reduces the amount of the monthly benefits you receive.
However, how much your benefit will be reduced depends on the precise age when you start claiming Social Security early.
The example below illustrates this further. In this example, we are assuming that the full retirement age for this person is 67 – which is the FRA for anyone born in 1960 or later.
If your full retirement age is 67, your Social Security benefit is reduced by:
- About 30 percent if you start collecting at 62.
- 25 percent if you start collecting at 63.
- 20 percent if you start collecting at 64.
- 13.3 percent if you start collecting at 65.
- and about 6.7 percent if you start collecting at 66.
2020 COLA Increase
The Social Security Administration announced a 1.6% cost-of-living adjustment (COLA) for 2020. This translates to an average increase in benefits of $24 a month for each retiree, or an average monthly benefit of about $1,503.
In 2019, the COLA was 2.8%, an increase of about $40 a month for retirees.
2021 COLA Increase (Estimate)
Based on data for the first quarter of 2020, the estimated Social Security COLA for 2021 could be just 0.8%.
That would be a substantial reduction from the 1.6% increase in 2020 and the 2.8% received in 2019.
Here’s a look at COLA increases since 2011.
2020: 1.6%
2019: 2.8%
2018: 2%
2017: 0.3%
2016: No increase.
2015: 1.7%
2014: 1.5%
2013: 1.7%
2012: 1.7%
2011: 3.6%
Social Security Payments Questions
Can my Social Security benefits be garnished?
Your Social Security benefits cannot be garnished by a creditor to pay off consumer debt.
However, your Social Security benefits can be withheld to enforce your legal obligation to pay child support, alimony, or restitution.
In addition, if you owe back taxes, The United States Department of the Treasury can withhold Social Security benefits to collect overdue federal tax debts.
What if I get an overpayment?
If you are notified by the Social Security Administration of an overpayment, you have the right to appeal the overpayment decision or request that they waive (not collect) the incorrect payment.
The Social Security Administration may stop the collection of the overpayment if:
- It was not your fault that you received an overpayment; and
- Paying it back would cause you financial hardship or be unfair for some other reason.
2020 Social Security Payment Calendar Summary
We hope this post on the Social Security Payment Calendar was helpful.
If you have further questions about the payment schedule or Social Security retirement benefits in general, please let us know in the comments section below.
Be sure to check out our other articles on Is there Amazon Prime Discount for Seniors or AARP?, How to Create my Social Security Account, How to Login my Social Security Account, and Top Complaints and Reviews About Direct Express Debit Card.